Those 944 telephone dials get my vote, too.
Interesting idea on how to drop the rear. Should do the trick, but it's probably going to be
very much lower now. Do lots of test fitting with the engine. It looks like the drive shafts provide alot of structural strength for the rear suspension. If you remove the alignment lug, you should be able to mount it upside down in the transmission (bowing the driveshafts upwards instead of down), and this may retain alot of the original strength if done correctly. But again, test fit- you may be in real danger of scraping the oil pan.